业务发展公司(bdc)

第2(a)(48)条所界定的业务发展公司

BDCs are defined under Section 2(a)(48) of the 1940年的投资公司法案 (“1940 Act”). 根据 1940 Act: “Business development company means any closed-end company which—

1. Is organized under the laws of, and has its principal place of business in, any State or States;
2. Is operated for the purpose of making investments in securities described in paragraphs (1) through (3) of section 55(a), and makes available significant managerial assistance with respect to the issuers of such securities.”

1940年的法案还要求bdc总资产的70%满足第55条. This means that the vast majority of a BDCs assets are securities of “eligible portfolio companies.“ 美国安全交易委员会(SEC) recently expanded the definition of eligible portfolio companies to include “Exchange-listed companies that have less than $250 million in market capitalization.“在规则2a-46最近修正之前, eligible portfolio companies were limited to domestic operating companies not listed on an Exchange.

bdc作为受管制投资公司(RIC)

bdc通常被视为受监管投资公司(RICs). 根据 26 U.S.C. §851, Regulated Investment Companies must have at least 90% of its gross income derived from:

• 股息
• 感兴趣
• 四、bg真人游戏注册贷款之支付 
• 出售股票或有价bg真人游戏注册所得，或
• 与其业务有关的其他收入.

除了, BDCs may not invest more than 5% of their assets in a single security and not more than 10% of the outstanding voting securities of an issuer. 

此外, not more than 25% of the value of its total assets may be invested in:

• 一个发行人的bg真人游戏注册;
• the securities of two or more issuers that the taxpayer controls and are engaged in the same or similar industry;
• 或一个或多个合格的公开交易合伙企业的bg真人游戏注册

投资BDC的好处

因为bdc必须遵循受监管的投资公司的要求, they are required to distribute a minimum of 90% of their investment company taxable income to shareholders. bdc旨在帮助小企业获得资金. 

Investing in a BDC helps to provide funding for small and mid-size companies that otherwise may not have access to the capital they need to survive. BDCs may allow a sophisticated investor to diversify their portfolio with investment in businesses that could have a high return on investment.

投资BDC的负面影响

BDCs assets generally are made up of financially distressed companies or brand new, 未经证实的, 中小型企业. 因此，它们是有风险的投资. 组成bdc的公司没有经过市场测试, 因此，他们将如何表现存在不确定性. An investor may not have access to all the information regarding the underlying assets that make up a BDC’s portfolio. 

此外, bdc可能会高估其投资组合中的公司, 投资者未被告知的重要事实. 对于构成BDC的基础投资缺乏透明度, 投资者根本不知道自己在冒什么样的风险.

商业发展公司有风险

有公开交易的BDCs和非上市的BDCs. The non-listed BDCs can carry higher yields but they can be much riskier investment than publicly traded BDCs. 

私有bdc的一些例子是:

• 美国商业发展公司
• 凯里信贷收益基金
• FS能源与动力
• 塞拉公司收入. 

非交易bdc的一个重大风险是它们缺乏流动性. Investors in non-traded BDCs can be stuck in their BDC investments for years, or sometimes forever. 而且，这种私有bdc的真实值通常是不可用的. 事实上, the stated value is not a market value and usually does not reflect what the BDC shares could be sold. BDCs are risky investments and can result in an investor losing all of their principal investment.

Brokerage Firms’ Recommendations and Sales of BDCs to Unsophisticated Investors and Retirees 

Most private BDCs pay far higher commissions to the brokers and brokerage firms selling such BDCs than traditional investments like common stocks and bonds do. 像这样, “赚取”这么高的佣金, many financial professionals recommend and sell BDCs to risk-averse customers like retirees and other investors who rely on the income from their investment to live. 

不幸的是，对于许多经纪公司的客户来说, many stockbrokers inform their clients that BDCs are “safe” or conservative investments suitable for risk-averse investors. 建议购买bg真人游戏注册时, financial advisors have the duty to fully explain all important risks of such investments. 许多投资顾问, 然而, 不披露bdc固有的真实风险, 包括与投资bdc相关的高风险水平, resulting in investors thinking that their investments in certain BDCs will not suffer significant losses.